CANative
Elite Member
- Joined
- Jun 18, 2003
- Professional Status
- Retired Appraiser
- State
- California
I've noticed a lot of CA sales of REO's, short sales, foreclosures, etc. are being taxed based on the amount of the last market sale versus the current sales price. The assessors appear to be assessing property taxes on the notion that the REO sale is not a market value sale even though the property was exposed to the open market for typical amounts of time. A market sale of $250,000 should have property taxes of about $2,750 per year. But the assessor is using the last market sale, say $400,000 to assess the property at $4,400. I think they are desparate to maintain a tax base in a market environment of severely declining property property sales prices and market value.
I think there is an opportunity to market appraisal services for tax appeal work. Perhaps even working with a real estate attorney or tax specialist.
Any thoughts?
I think there is an opportunity to market appraisal services for tax appeal work. Perhaps even working with a real estate attorney or tax specialist.
Any thoughts?